Mr. Erik Olsson reports

RB GLOBAL ANNOUNCES LEADERSHIP CHANGES

RB Global Inc. has appointed Jim Kessler, most recently the company's president and chief operating officer, as chief executive officer. Mr. Kessler will also join RB Global's board of directors. Megan Cash, most recently senior vice-president, global control and corporate finance, has been appointed principal finance and accounting officer. These appointments are effective immediately and follow the departures of Ann Fandozzi and Eric Jacobs as chief executive officer and chief financial officer, respectively. The board will be conducting a search for a permanent chief financial officer with the assistance of an executive search firm.

Mr. Kessler has a proven record of driving growth and value creation, including through M&A (mergers and acquisitions). Since joining RB Global as chief operating officer in 2020, Mr. Kessler has been integral in developing and executing the customer engagement strategies and offerings that have transformed RB Global from a traditional auctioneer into a premier, global, omnichannel marketplace. He was also a major part of the due diligence underpinning the IAA Inc. acquisition, and has spearheaded the continuing execution of related cost savings and revenue growth initiatives. Prior to joining RB Global, Mr. Kessler directed the successful integration of Caliber Collision, and ABRA Auto Body and Glass, to create the largest consolidator in the $47-billion collision repair industry.

Erik Olsson, chair of the RB Global board of directors, said: "Jim has been a valuable member of RB Global's leadership, and has played a critical role in the development and execution of our marketplace strategy. He is a hands-on, results-driven executive with a deep understanding of RB Global's business and building effective teams that provide outstanding customer service and value creation. We are confident that Jim is the right leader to advance RB Global's strategy and operating excellence."

"RB Global is on a path of exciting growth, and I am honoured to lead the company in the next phase of our evolution," said Mr. Kessler. "We have an incredible team that is energized by our strategic transformation and the upside ahead. I look forward to working with our employees as the company's new CEO, to capitalize on the talent, expertise and innovation across RB Global. We are committed to delivering on the value creation objectives we have set for our shareholders, and the exceptional service we have promised to Ritchie Bros.'s and IAA's customers.

"Megan brings deep experience with RB Global, having first joined the company in 2018. This knowledge and her finance expertise will ensure a smooth transition as we conduct a search for RB Global's next chief financial officer," continued Mr. Kessler.

Mr. Olsson added: "Ann is a visionary, and since she joined RB Global in 2020, we have recruited new leaders who, through organic initiatives, partnerships and strategic acquisitions, have taken bold steps to redefine the company's operating model and reinvigorate profitable growth. On behalf of the board, we thank Ann and Eric for their valuable contributions to the company's many achievements, and wish them the best in the future."

Considerations leading to executive departures

RB Global noted that Ms. Fandozzi's and Mr. Jacobs's departures are unrelated to the company's performance, financial reporting and results of operations.

The changes follow extensive negotiations with Ms. Fandozzi regarding an appropriate executive compensation structure. In the course of these discussions, Ms. Fandozzi required that, in order for her to continue as CEO, the board needed to approve a front-loaded compensation program that would bring forward five years of equity compensation. The board unanimously determined that such structure and the magnitude of the associated payout reach far beyond peer group benchmarks, are out of step with market standards, and are not in the best interests of the company or RB Global shareholders. Although the board attempted to work with Ms. Fandozzi in good faith on this matter, Ms. Fandozzi was unwilling to accept any pay package that was not front-loaded and informed the board of her decision to resign.

Preliminary second quarter 2023 financial results

RB Global also reported today strong preliminary second quarter 2023 financial results, including:

• GTV (gross transaction value) increased 146 per cent year-over-year to $4.1-billion, which includes $2.2-billion from the impact of the acquisition of IAA. The company expects GTV growth in the third quarter to be low- to mid-single digits year-over-year, on a combined basis.
• Total revenue increased 128 per cent year-over-year to $1.1-billion, which includes $560.4-million from the impact of the acquisition of IAA:
  • Service revenue increased 181 per cent year-over-year to $806.1-million, which includes $476.6-million from the impact of the acquisition of IAA.
  • Inventory sales revenue increased 52 per cent year-over-year to $300.4-million, which includes $83.8-million from the impact of the acquisition of IAA.
• Net income increased 63 per cent year-over-year to $86.8-million.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 126 per cent year-over-year to $307.8-million.
• Diluted earnings per share available to common stockholders decreased 13 per cent to 42 cents per share.
• Diluted adjusted earnings per share available to common stockholders increased 15 per cent year-over-year to 85 cents per share.

As previously announced, RB Global is hosting a conference call at 1:30 p.m. PT (4:30 p.m. ET) on Aug. 3, 2023, and will discuss its full second quarter 2023 financial results and the leadership changes at that time. Conference call and webcast details are available at the company's website.

About Mr. Kessler

Mr. Kessler was appointed chief operating officer of RB Global in 2020, and was promoted to president and chief operating officer in 2021. Before joining RB Global, he served as a senior leader for two decades in the automotive industry, including as president, emerging business, at Caliber Collision from 2019 to 2020, and as chief operating officer of ABRA Auto Body and Glass from 2017 to 2019. At ABRA, he oversaw operations, procurement and growth initiatives, including the integration of the merger of between ABRA and Caliber Collision, which created the first national collision repair provider in the United States. He also held a variety of senior leadership positions at vRide, City Sports and Pep Boys.

Mr. Kessler is an operating adviser to Percheron Capital, a private equity firm focused on partnering with exceptional teams to build market-leading essential services businesses. He holds an undergraduate degree and MBA from Saint Joseph's University.

About Ms. Cash

Ms. Cash was appointed vice-president, corporate finance, of RB Global in July, 2018, and was promoted to senior vice-president, global control and corporate finance, in 2020. She led the external corporate reporting, tax, treasury, controller, and corporate FP&A (financial planning and analysis) teams over the past five years. Before joining RB Global, she served as a senior leader in a variety of executive positions at SLB Inc. Ms. Cash has extensive experience in M&A, debt financing, capital allocation, regional and corporate FP&A, and strategic planning. She holds an undergraduate degree from UBC Sauder School of Business and articled at KPMG LLC in Vancouver, where Ms. Cash obtained her CPA, CA, designation.

About RB Global Inc.

RB Global is a leading, omnichannel marketplace that provides value-added insights, services and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Through its auction sites in 14 countries and digital platform, RB Global serves customers in more than 170 countries across a variety of asset classes, including automotive, commercial transportation, construction, government surplus, lifting and material handling, energy, mining, and agriculture. The company's marketplace brands include Ritchie Bros., the world's largest auctioneer of commercial assets and vehicles offering on-line bidding, and IAA, a leading global digital marketplace connecting vehicle buyers and sellers. RB Global's portfolio of brands also includes Rouse Services, which provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking system; SmartEquip, an innovative technology platform that supports customers' management of the equipment life cycle and integrates part procurement with both OEMs (original equipment manufacturers) and dealers; Xcira, a leader in live simulcast auction technologies; and Veritread, an on-line marketplace for heavy haul transport.

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